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HomeMy WebLinkAbout0960 ~46-~ ADJUSTA~~.E RATE RIDER Il 1'ear Treasur} Index - Rate Caps - Fixed Rs~te Con~~ersiun Optiunl THIS AUJI'S1~.AHLf: R:~"Tf: R1Df:K i~ m.~~1r thi~ 30[tt Ja) ~~f June 19 88 . an~ inrurFx~ratrd I', int~~ an~ ~hall he de~rnrd w amcnJ ~nd supplrment the I~iurtkage, Deed ut Tru~t ur Securu~ Dred Ithr "Serunty Instru- mrnt"1 ~?f the ~ame date given by the under~igned ~the "Bc~rnwser"1 ta ,ecure &~rruwer'~ Adju~table R:ite Note lthe "'vute"? tu RI~'ERSIDE NATIONAI. BANK OF FLOKIDA Ithe "Lrn~irr"? uf thr ,ame Jatr ~n~f cu~enng the pru~c:rt~ Jexntxd in the Srrunty In~trument and l~xateti at: ~602 Hickory Drive, For[ Pierce, FL. 34982-7424 ~Prupen~ :ti1Jrr,.) ` THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE ~ AND TNE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE 80RFiaWER'S ADJUSTABLE INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM , RATE THE BORROWER MUST PAY. THE NOTE ALSO CONTAINS THE OPTION TO CON- i VERT THE ADJUSTABLE RATE TO A FIXEO RATE. r1uu~~tl~~~~t. Cc»'E~,~~lti. In additiun to the r~nenants and agreement~ made in the Se~unt~ Inti~rument. &~rr~n~er and I l.en~irr funher crnenant ~n~i :~grec a~ fc?Il~r+~: A. AUJt'tiTABLF RATF: AtiU ~tOtiTNIJ' PAl'"~fEtiT ('HA\GES ~ ~ The tiutr pr~~~i~ir~ ti~r an in~Ual intrrr~t rate ~~t 8. 25 . The \~,t~ pn>~ i~1e~ I~~r ~h~n~~~ in thc aJ~utit~hlr ~ntrre.t _ rate and the m~mthh pa~ mrnt,. s~ ti~ll~,w,: ' ~ AUJ~'~TABLE 1\TEKFtiT RATE AtiD ~1~tiTH11' P~l''~1F:tiT CNAtiGE:.ti ~ (A) C'han~e Uat~ ~ ~ Th~ a~1Ju,tah(e ~nt~rc,t ratr I~~~II ra~ i>>a~ ~hangr ~m the tir,t ~1a< September 1 . ly 89 . anJun that ~i~~ e~en ~ 1_'th ~u~~nth thcrrattrr. Earh ~l.itr un Hhich m~ .e~1~u,tahlc intcre,t rate r~?ui~1 rhangc i~ ~all~.l a"Chang~ Uat~.' iB) The Index ~ Beginning v?ith th4 tir.t C'h~n~r [)ate. m~ a~i~u.t~hlr interr~t rate wili he ha,ed un an Inder The "InJex" the wrekl~ a~erage ~ ield un l'nur~i Swtr• Tre~.un tierurft~« aci~u,trd a~ a~e~mtant matunt} f I ~ear. a~ m r ~ fe a~ai la b le ~ h~ the Fe~ieral Ke~rr~r Hu~r~i. The mu,t re~ent tn~et ti~ure a~ailahlr ~~f thc ~fate a5 c~a~~ heti+rr rach Change Date n ~~UeJ thr "Current In~rx... (f thc ln~cr i~ m~ I~m~er a~a~lahlr. thr ti~,te HnlJer w~ll ih~H~,~ ~ nrµ in~3r~ ~hich ha~rd uExm r~~mparahlr infc~r- snati~~n. ~ThC \~~tc Hul~lrr u~ll gi~e tne nuUrr ~~t thi~ iht~iie l('1 Calculation of ('han~es Beti~rr ~arh Ch:~ny,c D~te. !h~ \„tr Huldrr will ~alcui:st~ iii~ n~~ ir~ter«t rate b~ aJ~~ng'~{„'0 b 75/10(je~rentage ~~int. ~ 2, 75 `r ) t~~ thc Currrnt In.ir~. Th~• ti~~tr H~~I~irr H~ll than ruund the rr~ult uf thi, addition t~~ , thr n~arc.t un~-righth ut ~,n~ ~xrirnragr ~~~nt ~I1 I'S`: ? Suh~r~t t~~ thr limit, .tatcJ in S~iu~m -3~D1 hcl~?H, thi, n?und- ~J ~muunt Hill hc m~ neN mtrr«t ratr uni~l lhr n~~t ('hangc D:~tr ~ Thr tiote Hul~cr v?~II thrn ~feterminr thr amuunt ~?f thr m~~nthl~ p~~ment that N~Tuld be ~ufficient a~ repa~ the ~ unpa«i pnnripal thal 1 am rr~xcted t~~ ~~~r ~t thc Changt D~te m full un thr maturit~ ~iate .~t rny new interest rate F m.uh~wriuall} ryual ~.~~mrnt. Thr rrwlt ~~f th~. r~lrulatum wiil tk thr n~~ am~~un~ ~~f m~ munthl} p:+~rnent. IUI I.imits nn Intere~t R~te ('hanKc~ ; Ih~ ~ntrr~.t rai~ 1 am reywrr~l t~~ pa} .st thr tir.t Ch~nRr [)atr w~ll nut tk greatrr than 10.25 <<~r te,~ ~ th.~n 6. 25 ~I~hrr~~ttcr. m~ interc.t ratr w~ll n~~rr hr inrrca.c~f ~~r de~rraxd un am .ingle Ch~nge Date h~ m~tire than T'NO ~r~rmas:r ~~int. i 2.00 i tn~m th~ rate ~~f in~err~t ( hav~ tkrn p~}ing fc~r the preced~ng 1? ~ m~,nth. ~1~ interr~t rstr ~ill nr~rn c~ grratrr th~n l4.?5 wh~~h caUed the "~1ax~mum R:~te... ~ IE:? F:ffetti~r Udte of L'hanXc~ ~ ti1~ nrw intrr~.t rate Hill herun~r ~ttrru~r un rach Change O.,tr I µill pa~ the amoum ~~f m~ new rrwnthly pay- ~ mrnt tx~gznnin~ ~m the hr.t munthl~ pa~ n:ent J:~te after the Chan~e O~~e unul the ams~unt ~~f m~ monthl~ pay~ment € ~hangr~ aiain ~ IE ) \otice ~~f ('hanKe. ~ c Thr tiute H~+Idcr H~11 ~rli~rr ~r inail t~~ me a n~~tice ~~t .,m rh~ngr~ ~n rn} aclJutitahle interetit rate and the arrx~unt ~ ` ~,f m~ numthl~ pa~mrnt hct~~re thr ~tfe~ti~e ~i:~te ~~I am ih~n~e "rhe n~mre µ~lf inrlude ~nfcirmau~m reyuireii by law ~ ~ t~~ hr gi~rn mc ~nci alu~ the ntfr ~n~i tclrph:~ne numher uf a~+rr.un Hh~~ W ill an.wer an} yue~ncm I me} ha~c regard~ng ~ € thr n~,hre ~ B. E'iXED I\TE:1tF:.ti`T RA'i~H: ()E''l~l()~ f [ The'~~~tc pt+?~i~ie. fur the H~~rnn~er'. uptism t~~ i~~mert fremi an aJt~~~ahle ~ntere~t ratc µ~th ~nter~tit rate limu~ ` h~ a fited in(ere~t ratc. a~ t~~ll~n~s. 5. F~1\EI) I~TEREtiT KATE ('O\~ ERSIt)t OPT!O~ iA? Optinn to (~~:n~ert to F~ixed Rate 1 ha~e a C~~merti~c~n (~ptiun uhirh ! ran exer~ix unlc» I~m in Jefauft ~~r thi~ Sectwn S~A1 ~ill rn~t permit me t~~ ~i~~ ~~he "Cumrnsun Uptwn~' i~ m~ upt~~~n u~ cun~ert the intere~t rate I am reywred u~ pd•. tn thi` Nc~te from an eJ~u~t~hle ratr w~th int~re~t rate I~m?ts tu the fi~cd rate ralculated under Sertion SIB) bclcn4~. The r~?menion ~an c?nl} take place ~m a datettil sperified tn the tiote H~~Ider dunng the penod heginning on the tlr~t Change l~ate and ending ~m the fifth Change Date Earh Jate ~~n wh~ch m} ad~ustable mtere~t rate can convert 1~~ Ihe RCµ tite~l rate ialle~f thc "Cc~meniun Dete." ~ ~ ~ MUtTISTATE COHYERTIBIE ADJUSTABIE RATE RIUER - ~~n~ie Fam~ly - Ffld~lN ~A~C UnilpfTll In~lrUmfnl Form 3130 1/ba ! Fo~m a8~9 >;y.• Q~ • • aoo~ `~94 flac.~ ~ ~ ~ - - d~._